The 23-year-old, who joined Rovers from Huddersfield Town last summer, has scored 29 goals for the former Premier League club this season.
"It would be nice to bounce back up with this club. This is a Premier League club. It's just a shame this year we have not given ourselves a proper chance," Rhodes told Sky Sports News.
"There's not that much we need to tweak. We let in too many goals from 85 minutes onwards and should be 10 or 15 points better off.
"Being in the bottom three wasn't nice. But we showed terrific character. When the going got tough a lot of people stepped up and got us out of trouble."
A host of Premier League clubs are reportedly interested in the forward.